Ever since this year began, we have been experiencing several catastrophic incidents one after the other. Which also has led us to take precautionary measures for any such events that might happen in the future. The world is so busy talking about COVID-19, its spread, and contraction that other critical scenarios didn’t even receive enough recognition in the 2020 disasters. Did you know in the last 6 months the world has witnessed 41 tropical cyclones in different regions and nations including West Australia, Costa Rica, Brazil, India, Fiji, Yemen, Oman, El Salvador, Mexico, and Florida among many others? Upon deeper dive into these weather conditions, you will find that weather forecasts were able to mitigate some of the threats by moving people from the cyclone-prone areas. Till now weather forecasts have been utilizing satellites, sensors, radar systems, etc., but now it has come to light that meteorologists will be able to make use of AI and ML algorithms for better accuracy in predictions. These predictions based on AI will be used for saving lives as they will be seen delivering processed results of complex data in a lesser amount of time. AI is now being leveraged in many different sectors because of its ability to understand certain behaviors and conduct predictive analysis by recognizing patterns.
Artificial Intelligence technology has seen a greater breakthrough in the tech space in recent times. With the world uprooting traditional processes and plating newer automated and smart processes, AI has been a constant in variable ecosystems.in fact, the data worldwide is going to increase by 61% to 175 zettabytes by 2025. (Source: CMO). A lot of renovations are going up in the AI and paving the way for an enhanced marketspace.
Let us look at 10 such new renovations that are going up in the AI tech field:
1. AI in Healthcare – With the globe undergoing a pandemic, it is the need of the hour to have certain solutions that will help ease at least some facets. Researchers are working with AI for being able to serve two distinct purposes. The first is to help with the diagnosis of diseases and the second is the development of drugs. Researchers are making use of AI to analyze huge data sets and tracking workings of existing drugs and different trials. AI is also being trained to make use of algorithms to develop a solution that would help in the diagnosis of diseases at a given time for several patients.
2. AI in HR – A recent update featured in the Hrtech news arena was of a company that developed a solution to analyze the mental well being of the employees during the pressurized situations of COVID-19 by using web-based services paired with AI and predictive behavioral analysis. Another stream of AI that is being pursued in the HR sector is the development of smart recruitment solutions. With inventions going up in the AI, it is going to be possible to enter the hiring value chain and streamline the recruitment process.
3. AI in Aerospace – It would be safe to say that probably all of us know about the gigantic event of the human space launch of SpaceX. SpaceX over there is making history, by letting AI assist in the processes of development and research. Developments are being made in the AI Aerospace area in correlation with the defense, aircraft parts, improving the efficiency of fueling by constructing 3D lightweight parts, etc.
4. AI in Smart Homes – Reports are showing a positive impact that is going up in the AI in the homes and buildings sector. The deployment of AI tech in this ecosystem is expected to show an approx. 15-fold increase by 2030. Starting from automated control of your blinds in the morning to centralized lock systems when you go to sleep, AI is being tested in several areas. Everyday domestic appliances in our homes can now be connected and controlled centrally, but the future expects these systems to have control of their surroundings by recognizing patterns and accordingly taking measures. For example, recognizing that the steam bath is being used at 9:30 every night, so making arrangements beforehand and in case of no motions detected, no actions to be taken.
5. AI in Marketing – Marketing industry is already making use of several automation tools that have an influence of AI, but now Marketers are utilizing this technology to make the industry more humane by adding in capabilities of custom-made instant content according to a particular targeted customer set. AI is now also being used to kick the tires and choose the best-of-the-breed tool or campaign as well as to move the needle in the aftermath. For example, a customer is looking at places to visit within a specified budget, AI can provide them with a tailor-made plan accordingly.
6. AI in financial assistants – AI assistants have been serving several communities for a while now, but their knowledge and assisting capabilities are limited. But now, fintech companies are utilizing their tech stack and resources for developing AI financial assistants that can assist the users with wealth management, evaluation of financial services according to the availability of assets, tailoring of portfolios, and any other assistance that they might need or expect from a Relationship Manager.
7. AI in Automotive – Self-driven cars is no more a dream. Companies have worked on the development of these for ride-sharing as well as autonomous vehicles, though not on a large scale. But these cars were just driverless, now with the deployment of AI, these cars are also being given the abilities to communicate with the crowd space in the vicinity as well as give them several different indications of the next action of the driverless car. For example, if a car detects someone in the middle of the road, it will give indications to the vehicles behind it that the car is going to stop because it detects human interaction.
8. AI in cybersecurity – cybersecurity has been a prevailing issue in most of the sectors since the inception of tech, it is the flip side of the coin. The threats against cyber attacks with the inventions going up in the AI are being combated by staying ahead of the attack curve and minimizing the human error to the least possible extent. A study by CybSafe showed that 90% of cyber data breaches take place because of human error. And hence, the intervention of AI eliminates these risk-prone errors and conducts meticulous checks to ensure safety.
9. AI in Entertainment – We live in an era where memes are the ultimate source of entertainment and the enhancements going up in the AI ecosystems, there are now customized meme generators that harness this technology and create personalized GIFs and Memes by just taking an input of one name or keyword. AI is also being leveraged in the arts and crafts, OTT, video games, and music industry for developing better and effective content.
10. Quantum Artificial Intelligence – Though quantum computing is a subfield of machine learning, it is used to provide advancements to the computational tasks using AI algorithms. AI Quantum is also harnessed by Google for building quantum processors that would live up to the potential of quantum computing. Toolkits are under development for imparting learnings about quantum AI and ML in several industries.
AI is a rapidly growing industry that has increased by 270% in the last few years as stated by CMO. This report also says that by next year, 81%of emerging technologies will have the foundation of AI. So, it is only wise to recognize and utilize the magic bullets of this technology.